/biz/ - Business & Finance

>>22671914
Cash out???
Taxes????

>>22671914
You convert it all to DAI, USDT, USDC, then mix it around, then claim your ID was stolen and you never had an exchange account, and pay zero taxes.

>he cares about the federal reserve

>>22671949
well... one day

>>22671951
interesting

>>22671973
he cares about legal entanglement

>>22671914
Literally just give them your cost basis as a single transaction. Fuck all the noise in between. If they request an audit, just send them the statement where fiat went in and fiat came out, it's that simple. They don't give a shit about your fake internet money, only big dick dollars.

>>22672599
cool. that's easy. i appreciate it.

>>22672599
based

>>22672599
>>22672630
>>22672832
Internet money is considered "property", like owning a car or a house. At the same time you can write off short-term losses on your capital gains/losses, unlike stocks. I'm learning more because it seems like I'd be better off not acting like a dumb neet and claiming I have no tax liabilities or whatever.

>>22672599
>They don't give a shit about your fake internet money
Actually, they really REALLY give a shit about this fake internet money, more than they have ever given a shit about genociding whites, even

How many actual fiat dollars does coinbase and the other big players like kraken actually have in reserves?

(And then probably halve that number to assume where their panic kill switches would actually hit)

>>22672930
Now that's the tricky part. To write-off losses, you have to provide proof of losses. For gains though, a statement through a KYC exchange should suffice (because they also have a log of all outbound transactions, the hash of those external wallets, all transactions on those wallets, etc.). All the dirty bits of money laundering, terrorist financing etc. are the exchanges responsibility to keep track of and report to *ahem* NOT the IRS.

>>22674002
Pretty sure most exchanges have to report if the government asks them now.

>>22672965
>>22672599
This. Trump cut taxes for 70yo boomers in stonks but the IRS under Trump is going after people who offshore their cash- that includes crypto. It's a bad day to be a 30yo boomer.

>>22672965
In the case of gains, they only care that you pay taxes on literally everything you earned, without hiding anything. The KYC endpoint can easily provide this information to the IRS and will do so readily without you even knowing. The IRS will know whether or not you didn't report gains (in fiat) before you even report them, it's just a question of whether a discrepancy is found and a manual audit is submitted for review. This discrepancy could be from you fucking up your numbers or from the KYC endpoint (i.e. coinbase) fucking up the numbers they reported.

In case of writing off losses, the burden of proof to report every single transaction is on you because they don't give a shit about helping you get a tax write-off.

use coinbase to cash out but never to trade. For trading use foreign chink exchanges like binance, the irs would not be able to obtain your trading records from them

>>22671951
Except they can still link purchases right to your bank account no matter how much you move your coins around.

>>22674164
This is what you do

>>22671914
>How do you calculate taxes safely?
I have a third party crypto tax service that does it. Not planning to shill it here, can give the name if you guys are interested. For the last few years it's averaged out around 15-20% of my gains are what I have to pay in tax

>>22671951
>>22674280
cashing out is a meme

>>22674494

>>22674494
What does he mean "you can buy insurance for it"? Who offers insurance on crypto while you're staking them in 3rd party pools? It's a good strategy if it's safe, but you're still not beating inflation with stablecoins. I'd rather reinvest most of it into BTC while it can still climb.

>>22674555
see
>>22674511

>>22674164
why would you use binance to trade? nothing you buy is owned by you. why not use a real wallet?

>>22674164
what about binance US?

Honestly, if you've made a considerable amount of money its worth paying a few grand of your profits to a tax professional to really look through your shit with a fine tooth comb and make sure you're not going to get raped later down the line.

Its all fine and good to say you're not going to pay taxes, but coinbase and others are already turning over your info, so if you've used them, just pay em. You're gonna have a bad time otherwise.

If your profits are less than 10 grand no one is gonna give a shit to be honest.

>>22674357
Can I get the name of that service, anon?